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\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\
VARIABLES & physint & physint & physint & physint \\ \hline
 &  &  &  &  \\
L.greenhill\_io\_context & 0.256** &  &  &  \\
 & (0.095) &  &  &  \\
L.physint & 0.532** & 0.524** & 0.517** & 0.521** \\
 & (0.022) & (0.023) & (0.023) & (0.024) \\
L.fdi & 0.000 & 0.000 & 0.001 & 0.000 \\
 & (0.001) & (0.002) & (0.001) & (0.001) \\
L.trade & 0.004** & 0.004** & 0.003** & 0.004** \\
 & (0.001) & (0.001) & (0.001) & (0.001) \\
L.density & -0.000 & -0.000 & -0.000 & -0.000 \\
 & (0.000) & (0.000) & (0.000) & (0.000) \\
L.polity & 0.014** & 0.014** & 0.015** & 0.014* \\
 & (0.005) & (0.005) & (0.005) & (0.005) \\
L.durable & 0.003* & 0.003* & 0.003* & 0.003* \\
 & (0.001) & (0.001) & (0.001) & (0.001) \\
L.language & 0.024 & 0.024 & 0.028+ & 0.024 \\
 & (0.017) & (0.017) & (0.017) & (0.017) \\
L.colonies & -0.023 & -0.021 & -0.024 & -0.022 \\
 & (0.020) & (0.020) & (0.020) & (0.020) \\
L.neighbour & 0.035 & 0.036+ & 0.034 & 0.032 \\
 & (0.021) & (0.021) & (0.021) & (0.021) \\
L.hardpta & -0.082 & -0.079 & -0.110 & -0.100 \\
 & (0.090) & (0.090) & (0.090) & (0.090) \\
L.softpta & 0.116+ & 0.114 & 0.113 & 0.107 \\
 & (0.070) & (0.070) & (0.070) & (0.070) \\
L.civwar & -0.401** & -0.400** & -0.414** & -0.406** \\
 & (0.096) & (0.096) & (0.096) & (0.096) \\
L.intwar & -0.505** & -0.492** & -0.444** & -0.484** \\
 & (0.124) & (0.122) & (0.114) & (0.119) \\
L.loggdp & 0.101** & 0.102** & 0.095** & 0.097** \\
 & (0.034) & (0.034) & (0.034) & (0.034) \\
L.formal\_io\_context\_v3 &  & 0.269** &  &  \\
 &  & (0.102) &  &  \\
L.informal\_io\_context\_v3 &  &  & 0.186** &  \\
 &  &  & (0.059) &  \\
L.total\_io\_context\_v3 &  &  &  & 0.276** \\
 &  &  &  & (0.098) \\
Constant cut1 & 1.918** & 1.957** & 1.483** & 1.929** \\
 & (0.452) & (0.473) & (0.315) & (0.442) \\
Constant cut2 & 2.621** & 2.661** & 2.186** & 2.632** \\
 & (0.450) & (0.471) & (0.308) & (0.439) \\
Constant cut3 & 3.266** & 3.306** & 2.829** & 3.277** \\
 & (0.452) & (0.474) & (0.316) & (0.442) \\
Constant cut4 & 3.850** & 3.890** & 3.414** & 3.861** \\
 & (0.452) & (0.474) & (0.317) & (0.443) \\
Constant cut5 & 4.618** & 4.658** & 4.182** & 4.630** \\
 & (0.456) & (0.478) & (0.322) & (0.447) \\
Constant cut6 & 5.354** & 5.393** & 4.920** & 5.365** \\
 & (0.460) & (0.481) & (0.328) & (0.451) \\
Constant cut7 & 6.118** & 6.156** & 5.684** & 6.130** \\
 & (0.464) & (0.485) & (0.331) & (0.455) \\
Constant cut8 & 7.141** & 7.179** & 6.708** & 7.155** \\
 & (0.476) & (0.497) & (0.343) & (0.467) \\
 &  &  &  &  \\
Observations & 2,244 & 2,244 & 2,226 & 2,244 \\
r2\_p & 0.283 & 0.283 & 0.283 & 0.283 \\
ll & -3412 & -3412 & -3384 & -3411 \\
 N\_clust & 137 & 137 & 137 & 137 \\ \hline
\multicolumn{5}{c}{ Robust standard errors in parentheses} \\
\multicolumn{5}{c}{ ** p$<$0.01, * p$<$0.05, + p$<$0.1} \\
\end{tabular}
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